India’s Federal Bank, in partnership with SIM card provider Matrix Cellular, has launched a forex card that is powered by Mastercard.
The Matrix-Federal Forex Card enables transactions in eight different currencies across 30 million merchant locations globally.
Indian international travellers can use the forex card to pay for purchases at grocery stores, retail shops, restaurants, malls and hotels.
Additionally, the holders can use the prepaid card to withdraw local currency from more than two million ATMs across destinations.
The card is not linked with any bank account, providing additional safety on overseas transactions.
However, it will be connected to the Matrix Traveler Companion App to enable the holders avail shopping discounts.
Using the Matrix-Federal Forex Card, customers can avail up to 30% discounts at more than 850 lifestyle stores.
Through the app, they can reload their cards and check balances. It also comes with a wallet in Indian currency to carry out domestic transactions.
Federal Bank COO and retail business head Shalini Warrier said: “We pride ourselves on providing a superior banking experience to our customers.
“As the outbound travel base from India increases year-after-year, we see a huge potential to serve this segment with our innovative products and services. I am certain that the Matrix-Federal Forex card will find an instant affinity among our customers.”
Recently, foreign exchange marketplace BookMyForex.com launched a co-branded multi-currency forex card for Indian overseas travellers. The card was launched in partnership with Visa and Yes Bank.